The Michigan League for Public Policy supports newly proposed legislation that would protect workers and families by capping the annual percentage rate (APR) for payday loans at 36% in Michigan, inclusive of all fees.
Following a press conference this week to announce this new legislation, the League issued the following statement, which can be attributed to League President and CEO Monique Stanton.
“The league supports this newly proposed legislation as it would protect Michigan workers and families who are already struggling by capping payday loan rates at 36% APR, making them easier to pay back and preventing borrowers from becoming trapped in a never-ending cycle of insurmountable debt.
“While payday loans are marketed as a quick way to solve an unexpected expense, they often result in perpetual debt due to high payday loan rates, which often exceed 340% in many states, including here in Michigan. These high rates make it very difficult, if not impossible, for individuals that need them to pay them back in time, and mounting debts from missed payments can result in an individual resorting to a second payday loan from a different lender.”
The league praised Sen. Sarah Anthony and Rep. Abraham Aiyash for sponsoring these bills and urged state lawmakers and the governor to “take swift action in passing and signing this legislation into law.”
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